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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, February 4, 2020, Vol. 21, No. 25

                           Headlines



A R G E N T I N A

ARGENTINA: Private Creditors Wary on Solutions Taken for Debt Mgmt.
BUENOS AIRES: Moody's Gives Caa2 Global Scale Rating on 2020 Notes
CHUBUT: Moody's Gives Caa3 Global Scale Rating to 2020 Notes


B R A Z I L

BRAZIL: Top Investors Call for End to Interest Rate Cuts


C A Y M A N   I S L A N D S

SHELF DRILLING: Moody's Lowers CFR to B3, Outlook Stable


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Jobless Young People 'Very Serious' at 53.3%


E C U A D O R

ECUADOR SOCIAL: Fitch Assigns B- Rating on Class B Notes


M E X I C O

TUXTLA GUTIERREZ: Moody's Withdraws B1 Global Issuer Ratings


P A R A G U A Y

FRIGORIFICO CONCEPCION: S&P Rates Sr. Secured Bond 'B-'


P U E R T O   R I C O

CONSIS INT'L: Plan Outline Conditionally OK'd, Feb. 26 Plan Hrg Set
EL CANO DEVELOPMENT: March 5 Disclosure Statement Hearing Set
HOTEL CUPIDO: Can File Plan & Disclosure Statement Until April 30


T R I N I D A D   A N D   T O B A G O

TRINIDAD PETROLEUM: S&P Affirms 'BB' LongTerm ICR, Outlook Stable

                           - - - - -


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A R G E N T I N A
=================

ARGENTINA: Private Creditors Wary on Solutions Taken for Debt Mgmt.
-------------------------------------------------------------------
Globalinsolvency, citing the Financial Times, reports that almost
two months into Alberto Fernandez's presidency, Argentina's private
creditors are increasingly worried about the slow progress in
fixing the heavily indebted country's most urgent problem: avoiding
its ninth sovereign debt default.

This frustration has been reflected in rising bond yields and a
widening of the gap between official and parallel exchange rates,
according to Globalinsolvency.  With a provincial debt default
possible in the coming days and debt payments to international
creditors due this year, Mr. Fernandez is in on a tour to garner
support, the report notes.

He met Pope Francis and will meet German chancellor Angela Merkel
and France's president Emmanuel Macron, the report relays.  When
the left-wing president Mr Fernandez was sworn in, the country was
already in a state of virtual default, the report adds.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019 according to the World Bank.  Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

Moody's credit rating for Argentina was last set at Caa2 from B2
with under review outlook. Moody's rating was issued on Aug. 30,
2019.  S&P Global Ratings, in December 2019, raised its foreign
currency sovereign credit ratings on Argentina to 'CC/C' from
'SD/D'.  S&P's outlook on the long-term sovereign credit ratings is
negative. Fitch Ratings, in December 2019, upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD',
and its Short-Term Foreign-Currency IDR to 'C' from 'RD'.  DBRS,
Inc. meanwhile downgraded Argentina's Long-Term and Short-Term
Foreign Currency - Issuer Ratings to Selective Default (SD), from
CC and R-5, respectively, also in December 2019.


BUENOS AIRES: Moody's Gives Caa2 Global Scale Rating on 2020 Notes
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A assigned
a Caa2 - Global Scale local currency debt rating - and a B3.ar --
National Scale in local currency - to the 2020 Treasury Note
Program of the Province of Buenos Aires. The ratings are on review
for possible downgrade.

RATINGS RATIONALE

The Treasury Note Program has been authorized by the province's
laws No. 13.767, No. 10.189, No. 15.165 and decrees No. 3260/08 and
No. 3264/08, whereas Resolution 37/2020 of the provincial General
Treasury set the general issuance conditions of the series within
the program and its maximum amount. The treasury notes to be issued
under this program could be secured by the Province, possibly
affecting any provincial resource without specific allocation
and/or any resource coming from the federal tax-sharing regime. The
assigned debt ratings reflect Moody's view that the willingness and
capacity of the Province of Buenos Aires to honor these treasury
notes is in line with the provincial's long-term credit quality as
reflected in the Caa2/B3.ar issuer ratings.

The maximum issuance amount authorized under the program is
ARS18,687 million or its equivalent in foreign currency. The
Province of Buenos Aires intends to issue different Series of
Treasury Notes in public tenders or in private placements in the
domestic market. Each series of notes could have different issuance
terms and conditions.

The assigned Caa2/B3.ar ratings to the Treasury Note Program are
based on preliminary documentation received by Moody's as of the
rating assignment date. Moody's does not expect changes to the
documentation reviewed over this period, nor does it anticipate
changes in the main conditions that the Notes will carry. Should
issuance conditions and/or final documentation of the program
deviate from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the ratings and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings are on review for downgrade. Moody's expects the review
period to extend beyond the usual three-month horizon. The review
will focus on the evolution of policymaking at the sovereign level
in the current context of market volatility. In addition, it will
focus on the specific liquidity pressures and fiscal strength of
sub-sovereigns amid the expected economic contraction and
inflationary pressures. Furthermore, Moody's review for the
Province of Buenos Aires will focus on the province's liquidity
position, given its short-term maturities in foreign currency, and
the outcome of the consent solicitation to delay an amortization
payment on the 10.875% notes due 2021.

The principal methodology used in this rating was Procedures Manual
for Risk Rating of Sub-Sovereign Governments published in January
2017.


CHUBUT: Moody's Gives Caa3 Global Scale Rating to 2020 Notes
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A.
assigned Caa3 Global Scale local currency debt rating and a Caa1.ar
National Scale in local currency to the 2020 Treasury Note Program
of The Province of Chubut. The ratings are in line with the
province's long-term local currency issuer ratings, which are
currently under review for downgrade.

Assignments:

Issuer: Chubut, Province of

  Global Local Currency Senior Unsecured Medium-Term Note
  Program, assigned Caa3; Placed on review for downgrade

  Argentine National Scale Local Currency Senior Unsecured
  Medium-Term Note Program, assigned Caa1.ar; Placed on
  review for downgrade

RATINGS RATIONALE

The Treasury Note Program was originally created by Resolution
Nº163-12-EC, whereas Resolution Nº173-19-EC sets the general
issuance conditions of the series within the program and its
maximum amount, of up to $221 million. The treasury notes to be
issued under this program could be secured by the Province,
possibly affecting cash flows coming from the federal tax-sharing
regime.

The maximum outstanding amount authorized in 2020 for issuances
under the program is ARS800 million, which represents 1% of
Chubut's debt levels as of September 2019. The proceeds of the
issuances will be used by the Province to cover seasonal cash
needs.

The Province intends to issue the series of Treasury Notes in
public tenders in the domestic market. Each series of notes could
have different issuance terms and conditions.

The assigned debt ratings reflect Moody's view that the willingness
and capacity of Chubut to honor these treasury notes is in line
with the provincial's long-term credit quality as reflected in the
Caa3/Caa1.ar issuer ratings in local currency.

The assigned Caa3/Caa1.ar ratings to the 2020 Treasury Note Program
are based on preliminary documentation received by Moody's as of
the rating assignment date. Moody's does not expect changes to the
documentation reviewed over this period, nor does it anticipate
changes in the main conditions that the Notes will carry. Should
issuance conditions and/or final documentation of the program
deviate from the original ones submitted and reviewed by the rating
agency, Moody's will assess the impact that these differences may
have on the ratings and act accordingly.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings are under review for downgrade. Moody's expects the
review period to extend beyond the usual three-month horizon. The
review will focus on the evolution of policymaking at the sovereign
level with respect to the ongoing debt negotiation process. In
addition, it will focus on the specific liquidity pressures and
fiscal strength of sub-sovereigns amid the expected economic
contraction and inflationary pressures.

The principal methodology used in these ratings was Procedures
Manual for Risk Rating of Sub-Sovereign Governments published in
January 2017.




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B R A Z I L
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BRAZIL: Top Investors Call for End to Interest Rate Cuts
--------------------------------------------------------
Richard Mann at Rio Times Online reports that Rogerio Xavier and
Luis Stuhlberger, who manage a combined US$21 billion (R$84
billion) at two of Brazil's biggest hedge funds, say the Central
Bank has done enough to stimulate Latin America's largest economy.

The boost from another interest rate cut isn't enough to make up
for the potential risks, according to Mr. Xavier, a founding
partner at SPX Capital, Rio Times Online relays

Markets are paying little attention to the fact that inflation
targets are set for lower levels in the coming years, and
policymakers are committing a "big mistake" by further lowering the
Selic benchmark rate, Mr. Xavier noted, the report cites.

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings in November 2019 affirmed Brazil's Long-Term Foreign
Currency Issuer Default Rating at 'BB-'. The Rating Outlook is
Stable.




===========================
C A Y M A N   I S L A N D S
===========================

SHELF DRILLING: Moody's Lowers CFR to B3, Outlook Stable
--------------------------------------------------------
Moody's Investors Service downgraded Shelf Drilling, Ltd.'s
corporate family rating to B3 from B2 and its probability of
default rating to B3-PD from B2-PD. The rating on the $900 million
senior unsecured bonds issued by Shelf Drilling Holdings, Ltd. has
been downgraded to Caa1 from B3. The outlook on the ratings is
stable.

RATINGS RATIONALE

The rating action reflects Shelf Drilling's sustained high
financial leverage and weak credit metrics, with debt/EBITDA over
the next 12-18 months unlikely to improve towards the 5.0x level
that was required for the B2 rating. Despite the improving
operating conditions in the shallow water drilling market and
expected improvement in Shelf Drilling's credit metrics in 2020 and
beyond, Moody's views the company's overall debt burden to be
significant relative to the amount of free cash flow that is
expected to be generated over the coming years.

Gross debt will increase following the acquisition of a jack-up
drilling rig in January 2020 which has an all-in cost of $81
million - $38 million being the purchase price and an additional
$43 million required in reactivation, mobilization and other
preparation costs for a new contract commencing in August 2020. The
acquisition in Moody's view will require debt-funding and results
in negative free cash flow for the fiscal year ending December 31,
2020. While the increase in total debt is expected to be modest at
about 9%, the transaction further delays the company's deleveraging
path.

Contracting activity and day rates in the shallow water markets
have recovered materially since the 2017 trough, and according to
the company, indicative spot day rates have increased 40% on
average over the past 18 months. Moody's expects credit metrics to
improve going forward on the back of increased rig utilization and
higher day rates. For the last twelve months (LTM) ended September
30, 2019, Moody's-adjusted debt/EBITDA stood at 10.3x and is
forecasted to be in the range of 6.5x to 7.0x for year-end 2020.
There is uncertainty in further improvement in spot day rates given
that Moody's expects Brent crude oil price to remain volatile
within the $55/bbl to $75/bbl range.

Shelf Drilling's earnings are exposed to re-contracting risk, with
about one-third of its rig contracts expiring by Q1 2021.
Nevertheless, the company has a good track record in winning new
contracts and negotiating extensions for existing ones. The company
announced at the end of 2019 that three of its rigs in the Arabian
Gulf secured ten-year contract extensions while a fourth rig
secured a five-year extension. This is an important development and
has more than doubled the company's revenue backlog, from $977
million as of Q3 2019 to $2 billion as of 2019YE.

LIQUIDITY

The company's liquidity remains adequate, and as of September 30,
2019, is supported by cash balances of $46 million and access to
$196 million in undrawn liquidity as part of Shelf Drilling's $225
million revolving credit facility (RCF). Moody's forecasts that the
rig acquisition will result in negative free cash flow generation
in the range of $55 million to $65 million for 2020. Of the $920
million in group debt as of September 30, 2019, $900 million is a
bond due in February 2025.

STRUCTURAL CONSIDERATIONS

The $900 million senior unsecured bonds are rated one notch below
the company's CFR in accordance with Moody's Loss Given Default
methodology. The bonds rank below the company's $225 million 1st
lien senior secured RCF due in April 2023.

RATIONALE FOR OUTLOOK

The stable outlook reflects Moody's expectation that Shelf Drilling
will be able to re-contract rigs in a timely manner and that EBITDA
generation materially improves in 2020 and beyond relative to the
weak levels seen in 2018-2019.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive rating pressure would require (1) a significant
strengthening of credit metrics with Moody's-adjusted debt/EBITDA
sustained at or below 5.0x; (2) EBITDA/interest expense above 2.5x;
and (3) the company establishes a track record of generating strong
positive free cash flow.

Conversely, the ratings could be downgraded if (1) Moody's-adjusted
debt/EBITDA fails to trend below 7.0x over the next 12-18 months;
(2) EBITDA/interest expense falls below 1.0x; or (3) liquidity
weakens including limited headroom under its covenants.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

CORPORATE PROFILE

Shelf Drilling, Ltd. is a Cayman Islands-incorporated holding
company that owns 37 independent-leg cantilevers jack up rigs and
one swamp barge rig, and conducts drilling operations through
various subsidiaries in the Southeast Asian, Middle Eastern,
Indian, West African and North African/Mediterranean markets. Shelf
Drilling generated revenues of $569 million and Moody's-adjusted
EBITDA of $92 million as of September 30, 2019 LTM. The company is
listed on the Oslo Stock Exchange since June 2018, with a 41.2%
free float, 19.6% ownership by China Merchants Group and 12.6%
ownership each by three private equity sponsors — Lime Rock
Partners, CHAMP Private Equity and Castle Harlan Inc.




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D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Jobless Young People 'Very Serious' at 53.3%
----------------------------------------------------------------
Dominican Today reports that more than 100 youth leaders from 38
organizations together with Labor Ministry representatives and
members of Ceduca (Center for Education and Development) gathered
at the V Inter-municipal Forum of Public Policies on Youth and
Employment.

This is the fifth meeting organized by the Ceduca, to highlight the
employment situation of young people in the Dominican Republic,
according to Dominican Today.

Through a report by the institution organizing the event, the past,
present and future of young people, their problems and their
possible solutions were discussed, the report notes.

"The purpose of this Forum is to hear from the authorities proposed
on youth employment and that young people can also make proposals
to the Government, the City Council, etc.," said Alba Reyes,
president of Ceduca, the report says.

"We must analyze what is happening from the Government in terms of
implementation of public policies", making it clear that the study
data are worrisome and the employment status of young people is
"very serious," at 53.3% jobless, the report adds.

                     About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for Dominican
Republic was last set at Ba3 with stable outlook (2017). Fitch's
credit rating for Dominican Republic was last reported at BB-
withstable outlook (2016).




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E C U A D O R
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ECUADOR SOCIAL: Fitch Assigns B- Rating on Class B Notes
--------------------------------------------------------
Fitch Ratings assigned ratings to the class A and B 144A/Reg S
notes issued by Ecuador Social Bond S.a.r.l. 'AAAsf' and 'B-sf',
respectively. The Rating Outlook is Stable.

RATING ACTIONS

Ecuador IDB Repack

Class A XS2106052827; LT AAAsf New Rating; previously AAA(EXP)sf

Class B XS2106053635; LT B-sf New Rating;  previously B-(EXP)sf

The Republic of Ecuador (B-/Stable) expects to obtain funding to
finance its social housing program (EC-U0001) through the issuance
of class A and B notes. The Social Bond, issued by Ecuador and
partially guaranteed by the Inter-American Development Bank (IDB;
AAA/Stable), is the asset backing the class A and B notes (together
the repack notes). The assigned ratings address timely payment of
interest and principal on a semi-annual basis.

KEY RATING DRIVERS

Social Bond's Credit Profile: The Social Bond issued by the
Republic of Ecuador is the asset backing the class A and B notes
issued by Ecuador Social Bond S.a.r.l. (ESB). The Social Bond
shares all characteristics of other external indebtedness of
Ecuador. The only difference is that its proceeds are for specific
investment in Ecuador's social housing program and its debt service
benefits from a partial credit guarantee by the Inter-American
Development Bank.

IDB's Partial Credit Guarantee: The partial credit guarantee
between the IDB and ESB as initial purchaser of the Social Bond
partially covers Ecuador's failure to meet its obligations on the
Social Bond. After Ecuador's default on the Social Bond, all draws
from the IDB guarantee will be exclusively applied by the Trustee
to cover 100% of class A's debt service, covering a percentage of
the underlying Social Bond. The IDB guarantee effectively covers
100% of the class A notes issued by ESB within the 23-day cure
period.

IDB's Strong Credit Quality: The rating assigned to the class A
notes is commensurate with the Issuer Default Rating (IDR) of the
guarantee provider.

Strength of the Partial Guarantee: IDB's obligations under the
guarantee will constitute direct, unsecured obligations of IDB. The
guarantee is comprehensive in scope, ensuring timely payment of
debt service on the class A notes through the financing structure.

Class B Notes Linked to Ecuador's Long-Term Foreign Currency IDR:
Given that all flows from the IDB guarantee will be applied to the
class A notes to meet debt service according to the guarantee's
schedule, a default by Ecuador under its obligations of the Social
Bond would lead to a default of ESB's obligations under the class B
notes. Hence, the credit quality of the class B notes is a
pass-through of Ecuador's rating.

RATING SENSITIVITIES

The class A notes’ ratings are sensitive to changes in the
Long-Term Foreign Currency IDR of the IDB, and the class B notes'
ratings are sensitive to changes in Ecuador's Long-Term IDR.
Additionally, changes in Fitch's view regarding the strength of the
IDB guarantee may affect the class A notes' ratings.




===========
M E X I C O
===========

TUXTLA GUTIERREZ: Moody's Withdraws B1 Global Issuer Ratings
------------------------------------------------------------
Moody's de Mexico S.A. de C.V withdrawn the B1 (Global Scale, local
currency) and Baa2.mx (Mexico's National Scale) issuer ratings of
the municipality of Tuxtla Gutierrez. Moody's has also withdrawn
the stable outlook and the b1 Baseline Credit Assessment (BCA).

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018

The period of time covered in the financial information used to
determine Municipality of Tuxtla Gutierrez's rating is between
Janaury 1, 2014 and December 31, 2018.




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P A R A G U A Y
===============

FRIGORIFICO CONCEPCION: S&P Rates Sr. Secured Bond 'B-'
-------------------------------------------------------
S&P Global Ratings assigned its 'B-' ratings on Paraguay-based meat
company Frigorifico Concepcion S.A. (Concepcion) and its senior
secured bond.

The ratings reflect that the company will use proceeds from the
$100 million senior secured bond to cancel most of existing debt,
extending the amortization schedule. S&P said, "In our opinion, the
issuance provided relief to the company's liquidity, which we still
assess as less than adequate because Concepcion still faces high
working capital requirements and debt obligations. We assume
Concepcion will prepay $78 million in debt through the proceeds and
use the remainder to support its liquidity, providing the company
enough cushion to recover its sales and improve its finances."

S&P expects the company's profitability to improve amid the
industry's favorable fundamentals, the high cattle availability,
and low prices, posting more stable credit metrics in its financial
risk profile. Net proceeds will help raise EBITDA—despite sales
to the Russian market accounting for 54% of the company's 2018
revenue. Concepcion currently has limited capacity to redirect its
production to other markets. As a result, the company remains
highly susceptible to price variations or import restrictions. This
scenario can gradually improve, given that the company's new
operations in Bolivia can to export to China and new markets can
open up along the year.

Concepcion's capacity use (41% as of June 2019) is significantly
lower than those of its peers, stemming from Russia's 18-month
restriction on the company's exports. S&P expects Concepcion to
increase this metric to about 60%, still below the industry's
average capacity use of 70%-80%. Due to Paraguay's subpar
infrastructure, the company experiences delays receiving cattle
during the rainfall season, reducing its capacity use. However,
Concepcion's main facility is strategically located near livestock
and has access to the Paraguayan river, which allows the company to
transport and receive cattle in barges, partly reducing the
seasonality of cattle availability.

With Russia's lift of the ban on imports from Concepcion and the
currently favorable market conditions due to the increase in
China's demand for beef protein, we expect Concepcion's
slaughtering volumes to recover in 2020 to 2017 levels. Although
Paraguayan protein processing companies are unable to trade with
China due to the country's recognition of Taiwan, they indirectly
benefit from the opportunity to supply new markets, because the
largest industry players are focusing on China while reducing their
participation in less profitable markets.

S&P said, "We expect Concepcion to post stronger results this year,
reflecting robust international demand and favorable cattle prices
in the country. We also expect higher volumes and better pricing
for its exports due to the reopening of the Russian market, China's
rapidly rising demand, and the start of Concepcion's operations in
Bolivia, which will allow the company to export to China."




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P U E R T O   R I C O
=====================

CONSIS INT'L: Plan Outline Conditionally OK'd, Feb. 26 Plan Hrg Set
-------------------------------------------------------------------
Judge Scott M. Grossman has conditionally approved the amended
disclosure statement explaining the Fourth Amended Plan of
Reorganization of Consis International, LLC as adequate pursuant to
the Bankruptcy Code.

The Debtor filed a Fourth Amended Disclosure Statement with respect
to its Fourth Amended Plan of Reorganization on Dec. 27, 2019.

A hearing on the final approval of the disclosure statement and
confirmation of the plan is set for Feb. 26, 2020 at 1:30 p.m. at
the United States Bankruptcy Court at 299 E. Broward Boulevard,
Courtroom 308 Ft. Lauderdale, FL.
  
Feb. 12, 2020, is fixed as the last day for filing written
acceptances or rejections of the plan.

Feb. 19, 2020, is fixed as the last day for filing and serving
written objections to the disclosure statement.

Ballots for the plan should be submitted so as to be received no
later than Feb. 12.

A full-text copy of the Order dated Jan. 9, 2020, is available at
https://tinyurl.com/uktyn9u from PacerMonitor.com at no charge.

The Debtor is represented by:

         Aleida Martinez-Molina, Esquire
         Weiss Serota Helfman Cole & Bierman, PL
         2525 Ponce de Leon Boulevard, Suite 700
         Coral Gables, Florida 33134

                   About Consis International

Consis International LLC -- https://www.consisint.com/ -- provides
computer systems design and related services. It was founded in
August 1987 in Caracas, Venezuela.

Consis International sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-22233) on Oct. 2,
2018. In the petition signed by Oscar Carrera, manager, the Debtor
was estimated to have assets of less than $1 million and
liabilities of $1 million to $10 million.  Judge John K. Olson
oversees the case.  Weiss Serota Helfman Cole & Bierman, P.L., is
the Debtor's legal counsel.


EL CANO DEVELOPMENT: March 5 Disclosure Statement Hearing Set
-------------------------------------------------------------
A hearing to consider the disclosure statement filed by debtor El
Cano Development, Inc., is scheduled for March 5, 2020, at 9:30
a.m. at the United States Bankruptcy Court, Southwestern Divisional
Office, MCS Building, Second Floor, 880 Tito Castro Avenue, Ponce,
Puerto Rico.

At the hearing, the Court will consider and rule upon the adequacy
of the disclosure statement, consider objections to the disclosure
statement, and such other related matters.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties in interest at their address of record not less than 14
days prior to the hearing.  Objections not timely filed and served
will be deemed waived.

A full-text copy of the Disclosure Statement hearing notice dated
Jan. 14, 2020, is available at https://tinyurl.com/wp5sffm from
PacerMonitor.com at no charge.

                  About El Cano Development

El Cano Development Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 16-08122) on Oct. 11,
2016.

In the petition signed by Adrian J. Hilera Vidal, president, the
Debtor was estimated to have assets of less than $1 million and
liabilities of less than $500,000.  Modesto Bigas Law Office is the
Debtor's bankruptcy counsel.


HOTEL CUPIDO: Can File Plan & Disclosure Statement Until April 30
-----------------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District
of Puerto Rico granted the request of debtor Hotel Cupido Inc. and
the deadline to file the disclosure statement and plan is extended
until April 30, 2020.

A full-text copy of the order dated Jan. 14, 2020, is available at
https://tinyurl.com/vzo4bsq from PacerMonitor.com at no charge.

                       About Hotel Cupido

Hotel Cupido Inc. is a privately held company that owns and
operates hotels and motels. Hotel Cupido sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 19-03799)
on June 30, 2019.  At the time of the filing, the Debtor disclosed
$488,176 in assets and $3,213,031 in liabilities.  The case is
assigned to Judge Edward A. Godoy.  The Debtor is represented by
Bufete Quinones Vargas & Asoc.




=====================================
T R I N I D A D   A N D   T O B A G O
=====================================

TRINIDAD PETROLEUM: S&P Affirms 'BB' LongTerm ICR, Outlook Stable
-----------------------------------------------------------------
On Jan. 31, 2020, S&P Global Ratings affirmed its long-term 'BB'
issuer credit and issue-level ratings on Trinidad and Tobago-based
oil company, Trinidad Petroleum Holdings Limited (TPH).

TPH's smaller scale than of industry peers, in terms of production
and volumes, and its concentration in Trinidad and Tobago (T&T)
hamper the company's business risk profile. However, after the
shutdown of the refinery segment in 2018, S&P believes TPH will
focus on its E&P activities through its subsidiary, Heritage
Petroleum Company Ltd., which is likely to boost the company's
growth. As of July 2019, TPH's crude oil output accounts for 59% of
the country's total, reaching approximately 35,000 barrels of oil
equivalent daily (boed) and maintaining about 127 million barrels
of oil equivalent (boe) in proved reserves (1P). S&P expects the
company to increase volumes through joint venture (JV) partnerships
for new exploration activities and in mature fields, and through
other strategic alliances.

S&P said, "We expect TPH to divest non-core and operating assets
that are unprofitable, such as Guaracara Refining Company (GRC) and
Paria. As of this report's date, neither the company nor the
government has disclosed further details regarding the bidding
process for the sale of the refinery segment. However, we expect
this transaction to be completed in the next 12-18 months. As per
its financing covenants, we expect TPH to use proceeds to reduce
debt.

"We expect the company to generate higher operating cash flows in
the next two years amid the focus on E&P activities and cost
efficiencies. And we don't expect debt to increase in the next two
years. Additionally, we believe TPH will continue benefiting from
the government's support due to the expected drop in transfers of
the company's revenue to the government to 12.5% from 25.0%. We
also expect the company's capex to focus solely on E&P. Finally, we
believe capex pressures on TPH will diminish thanks to its JV
partnerships."

Additionally, the company completed its debt restructuring in June
2019, increasing its weighted average maturity (WAM) to
approximately 5.0 years (from 1.5 years), reducing debt repayments
in the short term.

S&P said, "The issuer credit rating includes a four-notch uplift to
the company's 'b-' stand-alone credit profile, given our view that
T&T (BBB/Stable/A-2) would provide timely and sufficient
extraordinary support to TPH in the event of financial distress.
The company has a very important role for the country, give that
it's the largest domestic crude producer. In our view, TPH also
maintains a very strong link to the government given a long track
record of receiving support from the latter, its full ownership,
and involvement in daily operations."



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S U B S C R I P T I O N   I N F O R M A T I O N

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